Our operating environment
Tharisa operates in a challenging global and southern African market characterised by erratic PGM prices, economic uncertainty, currency fluctuations and the need to transition to cleaner energy. Power constraints in Zimbabwe and logistical bottlenecks add to operational pressures, while renewable energy investments present an opportunity to enhance resilience
These macro factors, together with regulatory changes, increasingly influence competitiveness, alongside operational excellence, and underscore the importance of sustainability, transparency and ethical practices
Despite these challenges, Tharisa's cost-advantaged open-pit mine, which is now transitioning to mechanised underground mining, positions the Group for sustainable growth through its diversified product mix and disciplined operations. Our focus is on efficiency, digital innovation, clean energy adoption and community development
We have strengthened resilience through supplier diversification and optimised logistics using advanced forecasting technology and robust governance frameworks. Our strategy prioritises developing our core business units to access high-growth markets, while capital allocation is directed to support long-term value creation by delivering minerals reliably to customers
Sustainability is embedded in our strategy, and we have initiatives focused on climate resilience, decarbonisation and enhancing biodiversity. We advance circular economy solutions and commit to sound water stewardship and sustainable supply chains to support long-term environmental and operational resilience. We use artificial intelligence (AI) to optimise operations and increasingly access sustainable finance to enable us to be a resilient, responsible and forward-looking PGM leader while improving social equity and transparency.
Our approach to sustainability
Our Sustainability framework is built on three core pillars: safety, environmental stewardship and social investment. Safety is embedded in every aspect of our operations and ensures the wellbeing of employees, contractors and communities. Environmental stewardship drives initiatives in climate resilience, biodiversity, water management and circular economy practices, which reflect our commitment to responsible mining. Social initiatives focus on education, healthcare, skills development and economic empowerment, particularly in communities surrounding our operations.
We prioritise building trust and cultivating solid partnerships with stakeholders, including local communities, regulators, investors and suppliers. Our approach integrates practical, sustainable and clean technology solutions that generate long-term social and economic benefits. Our clean energy projects support a Just Transition and balance economic growth with environmental responsibility and positive community impact.
Sustainability-related governance
Good governance is central to Tharisa’s sustainability strategy. The Board provides oversight of capital allocation and considers sustainability impacts in decision-making processes.
It aligns initiatives with the SDGs while responding to local community priorities. Board-level reporting includes climate risk mitigation, decarbonisation, business ethics, human rights, transparency and responsible sourcing. This ensures accountability, promotes responsible decision-making and supports long-term value creation for all stakeholders. Every member of the Board is a member of the CCS Committee.
Safe production
Safety is a critical issue at Tharisa. Our enhanced risk controls, continuous training and implementation of advanced technology have resulted in a lost-time injury frequency rate (LTIFR) of 0.030 in 2025 (2024: 0.00). By embedding safety into daily operations and leadership practices, we foster a culture of zero harm and maintain industry-leading standards in workplace health and safety.
Further details are addressed on Our social impact.
Employee and community investments
Tharisa Minerals employed (employees and contractors) 1 993 staff in 2025, paying R1.24 billion in wages and benefits (2024: R1.15 billion). Socio-economic development and CSI spend increased over 20% to R14.8 million, funding programmes in employment, health, education and infrastructure. Local procurement reached R46.9 million (2024: R60.4 million) and supported economic growth in host communities near Tharisa.
A total of 706 employees and contractors were employed at Karo Platinum. Among permanent employees, 11% were women and 30% were local hires, which reflects our commitment to diversity and local employment
Our community trust
The Tharisa Community Trust is a shareholder and has received over R10.3 million in dividends over 3.5 years. Tharisa Minerals invested R3.3 million in skills development to equip local residents with marketable skills for mining and other industries and to support sustainable livelihoods and long-term community prosperity. The total investments per entity are reflected below.
Diversity and inclusion
The Group encourages an inclusive and equitable workplace where diversity drives innovation, creativity and competitiveness. In 2025, women represented 27% of the workforce at Tharisa Minerals and 30% of the Tharisa plc Board (2024: 30%), while historically disadvantaged persons (HDPs) accounted for 92.86% of South African management teams, up from 81% in 2024. These figures reflect Tharisa’s commitment to equitable leadership, empowerment and representation at all levels of our business.
Addressing climate change
We continue to work on reducing our carbon footprint and supporting the global transition to low-carbon energy. We signed a 15-year power purchase agreement with Etana Energy in July 2024 to supply up to 44% of Tharisa Minerals electricity from wind and solar sources. This complements the proposed 40 MW solar project which will add an extra 30% of energy needs.
Unfortunately, our Buffelspoort Solar Project (under active development since 2021 and now essentially shovel-ready) has been delayed due to the interconnection infrastructure approvals required from Eskom. Delays of this nature are not uncommon, particularly in constrained network areas such as North West, and reflect the complex realities of grid access and renewable project development in South Africa. The developers (TotalEnergies and Chariot Transitional Power) remain fully committed to the success of the project. Their efforts are bolstered by support from the North West provincial government and the Department of Trade, Industry and Competition’s Energy One Stop Shop initiative.
Collectively, these initiatives aim to deliver 68% of our renewable energy for Tharisa operations by 2026, and support our 30% carbon reduction target by 2030. Renewable energy projects are also underway at Karo Platinum in Zimbabwe, which reinforces our cross-border commitment to decarbonisation.
In July 2024, we achieved a major milestone in reducing the carbon footprint of the electricity used at the Tharisa Mine. A long-term power purchase agreement (PPA) was signed for the procurement of wheeled renewable energy for the Tharisa Mine. Under this 15-year agreement with Etana Energy Proprietary Limited (Etana), Etana will provide up to 44% of the Tharisa Mine’s electricity energy demand via wheeled energy from wind and solar farms in the Western Cape and Northern Cape using the existing electricity transmission grid. The wheeled energy is planned to come on stream in 2026. This transaction will not only enable the Tharisa Mine to manage its power cost more effectively but also to benefit from the renewable energy certificates arising from the transaction. This wheeled energy will complement the Tharisa Mine’s 40 MW solar power plant being developed by TotalEnergies Renewables South Africa Proprietary Limited and Chariot Transitional Power South Africa Proprietary Limited, which is designed to provide 30% of the Tharisa Mine’s energy needs.
Together, the Etana PPA and our solar project will ensure that Tharisa Minerals’ target to reduce its carbon footprint by 30% by 2030 is well within reach. Furthermore, they will also guarantee predetermined power costs for a significant portion of overall power needs, with up to 76% of Tharisa Minerals’ energy needs being provided by renewable energy from 2026 onward under these agreements.
We are also collaborating with Chariot Transitional Power on similar renewable energy projects at our subsidiary in Zimbabwe, Karo Platinum. These initiatives reflect our belief that innovation can produce power solutions that are both economic and sustainable so that we can play our part in the global energy transition.
From mine to megawatt
Our Redox One project has developed a chrome-based redox flow battery to store excess energy and reduce our dependence on the national grid. This innovative technology supports Tharisa’s operational energy needs and has broader applications for contributing to energy storage solutions for other industries transitioning to cleaner energy sources.
Commitment to transparent reporting
Tharisa is firmly committed to transparent reporting as a fundamental aspect of our corporate governance and stakeholder engagement. The Company believes that clear, accurate and timely communication of our operational, financial and sustainability performance is essential for building trust with shareholders, employees, communities and regulators. We adhere to internationally recognised reporting standards and regularly disclose relevant information through annual and interim reports, sustainability updates and statutory filings.
Transparency is also integral to our approach to sustainability and responsible mining. By openly reporting the progress on our ESGin itiatives‑including advances in carbon neutrality, community development and safety performance ‑ we ensure that stakeholders have access to comprehensive and reliable data. This fosters accountability and supports continuous improvement across all aspects of the business.
Outlook
Our sustainability strategy is embedded in decision making and underpinned by strategic investments in renewable energy, solar PV, community development, water stewardship and biodiversity management. By combining innovation with capital allocation, Tharisa is well‑positioned to support the global low‑carbon transition while creating lasting value for employees, communities, investors and other stakeholders.
Dr Carol Bell
Lead Independent Non-Executive Director
28 November 2025
Key data
Safety
Fatalities
0
(2024: 0)
LTIFR (Tharisa Minerals)
0.03
(2024: 0)
Environment
Total energy consumption GJ
2 359 278
(2024: 2 368 781)
Total CO2 emission (Scope 1) tCO2e
130 157
(2024: 133 381)
Diesel used (M litres)
43
(2024: 44)
Tailings Volume (Mm2)
1.19 m
(2024: 1.17 m)
Health
Number of employees and contractors who underwent hearing tests (via medical surveillance programme)
7 944
(2024: 7 883)
Number of employees screened for TB/silicosis (via medical surveillance programme)
4 290
(2024: 3 475)
Occupational diseases (number of new silicosis/TB and NIHL)
0
(2024: 0)
Number of employees and contractors voluntarily tested for HIV/AIDS
4 158
(2024: 3 948)
Social
Employees who received learnerships, bursaries, internships and skills and enterprise development training
70
(2024: 111)
Total amount spent on SLPs/CSI
ZAR29.8m
(2024: ZAR32.4m)
Total amount spent on procurement from HDP, women and B-BBEE compliant companies
ZAR6bn
(2024: ZAR6.04bn)
Total spent on local/host community suppliers
ZAR46.9m
(2024: ZAR60.4m)
